#Oman Investment Authority #Oman #Muscat #xAI #Elon Musk

Oman Investment Authority's Investment in xAI

The Oman Investment Authority (OIA) has made a significant move by investing in xAI, a cutting-edge artificial intelligence company founded by Elon Musk. This strategic investment is part of OIA's vision to diversify its international portfolio while capitalizing on transformative industries poised for substantial growth.

Since its launch in March 2023, xAI has achieved remarkable milestones, including establishing a major data center in the United States and rolling out their advanced platform known as Grok-2. These accomplishments are expected to strengthen xAI's market position, thereby enhancing the return on investment for OIA.

S.E. Abdulsalam bin Mohammed Al-Murshidi, President of OIA, expressed that this investment reflects the robust relationship OIA has cultivated with Elon Musk over the years. He emphasized that the move aligns with Oman’s broader objectives as outlined in Vision 2040. This initiative aims to foster the introduction of world-class technologies and propel the Sultanate’s future advancements.

xAI aims to pioneer advancements in AI systems, offering capabilities for real-time data processing and analysis, which distinguishes it from many other AI competitors. The platform is equipped with advanced tools that facilitate users in optimizing sizable AI models and managing various kinds of visual data, including documents, charts, graphics, and photographs.

In addition to its involvement with xAI, OIA is also a shareholder in SpaceX, another of Musk's groundbreaking companies, known for its Starlink satellite communication system. This investment has proven to be remarkably lucrative, yielding an internal rate of return exceeding 37%. The substantial profits from this venture are attributed to SpaceX's rapid global expansion and the deployment of its satellite communication services across numerous countries.

About the Oman Investment Authority (OIA)

The Oman Investment Authority serves as the Sultanate's investment arm, tasked with managing, investing, and developing the country's national and international assets. With a diverse investment portfolio encompassing more than 40 countries across various sectors—including energy, logistics, information and communication technology (ICT), services, finance, food security, tourism, mining, industry, and aviation—OIA is dedicated to promoting sustainable economic growth and enhancing the well-being of the Omani people. In doing so, OIA aims to reinforce the Sultanate's position as a leading investment hub in the region.

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Fahad Al Toubi, Senior Specialist - Media Relations
+968 24745781
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